Game Development Dictionary

Asset

A generic term for graphics, sounds, maps, levels, models, and any other resources.
Generally assets are compiled into large files. The file formats may be designed for fast loading by matching in-memory formats, or tight compressions for handheld games, or designed to otherwise help in-game use.
It is often useful to have an asset tool chain. The original models may be high-density models with R8G8B8A8 images. You may have a model striper and image compresser that reduces the model for LOD, and compresses the texture to a DXT compressed image. These assets may then go through further transformations, and end up in the large resource file.